Bitcoin has seen a meteoric rise since the election of U.S. President Donald Trump, with its price surging past $100,000 and hitting new all-time highs. The surge is fueled by optimism surrounding Trump’s potential to revolutionize cryptocurrency policy, especially with major players like BlackRock revealing that sovereign wealth funds are exploring Bitcoin investments.
Amid growing concerns over a dollar crisis, Coinbase CEO Brian Armstrong has made a bold prediction: Bitcoin’s market capitalization could eventually surpass gold’s $18 trillion valuation. Armstrong, responding to criticism of Trump’s proposal for a national Bitcoin reserve, took to social media to assert, “Any country with gold reserves should hold at least 11% of that amount in Bitcoin.” He continued, “In the next five to 10 years, Bitcoin’s market cap will likely surpass gold, and these reserves should grow to exceed gold.”
Trump has followed through on his campaign promises to overhaul cryptocurrency policy by creating a working group tasked with regulating the digital asset space and potentially establishing a national cryptocurrency reserve. This reserve could be funded through cryptocurrencies seized by the federal government in law enforcement efforts. Currently, the U.S. government holds over 200,000 Bitcoins, valued at around $21 billion.
In a recent announcement, Trump confirmed plans to set up a U.S. Bitcoin strategic reserve, stating, “We’re going to do something great with crypto because we don’t want China—or anyone else—to take the lead. Others are embracing it, and we want to be ahead.” During the Bitcoin 2024 conference, Trump predicted that Bitcoin could eventually surpass gold in terms of market cap.
Brian Armstrong has been an advocate for the U.S. Bitcoin reserve idea, emphasizing its importance in fostering economic freedom globally. He believes Bitcoin’s role in the digital economy will be as foundational as gold’s, impacting national security and shifting the balance of power among nations. Armstrong further argued that governments worldwide will rush to build their own Bitcoin reserves, elevating their economies while those without reserves could fall behind.
At the World Economic Forum in Davos, Armstrong predicted that Bitcoin’s value could eventually reach “multiple millions” as the U.S. Bitcoin reserve pushes other G20 nations to follow suit. He noted that Bitcoin is poised to become the new gold standard, while the broader crypto market holds even greater potential.
As global interest in Bitcoin and digital assets continues to grow, the potential for Bitcoin to reshape financial systems and global power dynamics seems more likely than ever.
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